Resolution 1 Re Audit

Published on Thursday 17th December, 2009 by Celtic Trust

Celtic Trust AGM 16 January 2010


Resolution 1

It is hereby resolved that subject to the provision of Section 4a of 1968 Friendly and Industrial Provident Societies Act the members of the Society shall not require an audit for the accounts covering the financial year ending 31 December 2010 when they are presented to the next AGM held in 2011. The members of the Society agree that the Accounts for the financial year ending on 31 December 2010 for which reports will be laid before the AGM of 2011 do not require a full audit provided that: • the total income for that year does not exceed the threshold laid down by Supporters Direct for audit exemption. (currently £25,000) • an independent examination of those accounts is carried out in place of a full audit. • an independent examination is carried out in line with best practice of Supporters Direct as set out in the Guidance notes. • a report of the independent examination is included with the account and made available to members. The Society notes that : • an independent examination does not carry the same weight as a full audit • the members of the Trust instruct the Board to identify a suitably qualified practitioner to undertake the audit. • the Board shall agree to the appointment of the examiner and shall agree to the terms of that appointment in writing. • Supporters Direct shall have no liability in respect of Trust Accounts. • Supporters Direct will use the report of the Independent Examiner when considering the Trust’s eligibility for membership against the criteria of its membership policy.


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